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goji.go goji.go
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Posts: 5977
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10 years ago
Steve Watson, a local certified public accountant (CPA), donates a significant amount of his spare time to Beth’s Gallery, a not-for-profit museum. He donates 50 hours to audit the books and 80 hours selling products at the museum store. He charges his regular clients $200 an hour as a CPA. How should the Gallery report Mr. Watson’s donation of time?
      a.   report $26,000 (130 hours @ $200) as contribution revenue and expense
      b.   report $0 as contribution revenue and expense, and describe Mr. Watson’s services to the museum in a note to the statements
      c.   report $10,000 (50 hours @ $200) as contribution revenue and expense; also, disclose in a note to the statements the fair value of selling services provided by Watson and others
      d.   report $10,000 (50 hours @ $200) plus the fair value of the selling services provided by Watson and others
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Diesel
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Answer accepted by topic starter
f_zah1f_zah1
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10 years ago
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orleanxu,  Johuston

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goji.go Author
wrote...
#2
10 years ago
Thanks so much f_zah1.

You were correct Smiling Face with Open Mouth
Diesel
wrote...
#3
10 years ago
You're very welcome!
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